Japan: Nippon Steel cuts 300 series stainless steel prices amid nickel decline, maintains 400 series rates

Steeldaily: Nippon Steel Stainless Steel Pipe Co., Ltd., (NSSC) headquartered in Chiyoda-ku, Tokyo, reduced prices for 300 series heavy-duty plates and cold-rolled stainless steel by JPY 20,000/t ($134/t), marking its first price cut in six months. This reduction is attributed to a drop in LME nickel prices. Earlier this year, NSSC had raised the 300 series prices by JPY 75,000 ($503) over four consecutive months starting in March, froze the prices in July, and is now lowering them. The total increase for the 300 series in 2024 stood at JPY 55,000 ($369).

In contrast, NSSC maintained prices for 400 series cold-rolled stainless steel, which have risen by JPY 30,000 ($201) since March. Statistics from Japan's Stainless Steel Distribution Coil Center showed that sales in June were higher than the previous month, largely due to increased automobile production. Domestic demand, excluding the automotive sector, remained stable.

NSSC reported that its cold-rolling plant operated at over 70% capacity in the third quarter and anticipated a recovery in demand, driven by sectors such as semiconductors and reconstruction. However, the company expressed concerns over the high influx of low-priced imported 300 series cold-rolled steel, mainly from China, which it claimed is harming the industry. NSSC is considering filing a complaint with the WTO or implementing trade restrictions to address this issue.